The yen is surging against the U.S. dollar this morning.
The dollar is also taking a hit against the euro following ECB President Mario Draghi’s press conference earlier, which sparked a big sell-off in risky peripheral sovereign debt markets in the euro area.
Shorting the yen is also considered a “risk-on” trade, and it’s running into a similar beating now.
The yen is currently trading at ¥98.47 against the dollar after hitting a high of ¥98.31 just moments ago.
Check out the chart:
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